“I want to do my part to build a society that is more prosperous and more democratic, a society that has greater fairness and greater freedom.”
– Frank Stronach, Founder and Honorary Chairman of Magna International Inc.
Frank Stronach (CM) immigrated to Canada from Austria in 1954 with nothing more than a suitcase, a few hundred dollars, and a dream to build his own business. In 1957 he started Magna International in a garage then built it into the world’s most diversified automotive parts supplier with more than 170,000 employees in 34 countries and sales of over US$40 billion. He is currently the founder and Chairman of Stronach International, a company whose mission is to enhance society and the environment through micro-mobility transportation and organic agri-business—two of the fastest growing economic trends globally.
Mr. Stronach introduced his unique management philosophy, known as Fair Enterprise, to Magna in 1971. Fair Enterprise is based on a business Charter of Rights that predetermines the annual percentage of profits shared between employees, management, investors, and society. These rights are enshrined in a governing Corporate Constitution. Mr. Stronach notes that when Magna employees participated in profit sharing, profits went up 40% in the first year, 100% in the second year, and 200% in the third. “Employees basically became partners in the business. By knowing they get a portion of the profits, they have a great incentive to make better products for a better price,” Mr. Stronach said.
In addition to serving on corporate, government, and university boards over the years—including the corporate governance board of the NASDAQ stock exchange—Mr. Stronach is the recipient of numerous honorary doctorates and awards including being inducted into the Canadian Business Hall of Fame, the Automotive Hall of Fame in the US, and the Order of Canada. He is the author of The Magna Man, published in 2012, which tells the story of his life and career. A passionate philanthropist, Mr. Stronach has provided assistance to a wide range of charitable and community organizations over many decades.
Frank Stronach believes profoundly in universities’ unique position to shape the minds of tomorrow and take up the challenges of developing the framework for an improved society. On June 13 he will expound upon his vision during the first of two special lectures at U of T Scarborough. Learn more.
U of T Scarborough Management Executives, Entrepreneurs & Alumni in Residence create meaningful impact within the University community by enhancing opportunities for students, faculty, and staff to build knowledge networks and technical skills both inside and outside of the classroom. Through teaching, mentorship, and established thought leadership across business functions, our Executives, Entrepreneurs & Alumni in Residence are committed to educating equity-deserving students and engaging diverse perspectives in the pursuit of Inspiring Inclusive Excellence.